Information for Akron, Ohio
Ohio, seat (1842) of Summit county, northeastern Ohio, U.S. It lies along the Cuyahoga River, about 40 miles (64 km) south-southeast of Cleveland. Akron is the centre of a metropolitan area that includes the cities of Cuyahoga Falls, Tallmadge, and Stow and several villages. At 1, 081 feet (329 metres) above sea level, it was named for its 'high place' (Greek: akros ) on the watershed between the Mississippi River and the Great Lakes. Laid out in 1825 by Gen. Simon Perkins, commissioner of the Ohio Canal Fund, the town was assured substantial growth by the completion of the Ohio and Erie Canal in 1827 and of the Pennsylvania and Ohio Canal in 1840, linking it with Pittsburgh. Waterpower and transportation supplied by these canals led to Akron's early development as an industrial centre. The abundant water supply and the arrival of the railroads prompted Benjamin F. Goodrich to move a small rubber factory to the site in 1871. This industry rapidly expanded with the advent of the automobile and the demand for rubber tires. Between 1910 and 1920 the city's population tripled to more than 200, 000, and Akron became known as the 'rubber capital of the world' and the international or American headquarters of the far-flung giants of the rubber industry - Firestone, General Tire, Goodrich, and Goodyear; by the late 20th century, however, only Goodyear remained. The city's manufactures are now well diversified and, apart from a wide variety of polymer and plastic products, include farm machinery, automotive parts, toys, power-generating equipment, and chemicals. The city has largely shifted away from a manufacturing economy, however, while the service and trade sectors have grown. In the late 20th century some manufacturing plants and downtown stores were closed, but by the late 1990s several large-scale projects had succeeded in stimulating a revitalization of the downtown area.Goodyear Polymer Center, University of Akron, Ohio. Rick Dikeman The hangar at the city's airport is the site of the Goodyear Wingfoot Lake Airship Base (for airships [blimps]). This hangar is one of the world's largest buildings without interior supports. Akron is an important truck terminal and distribution point between the eastern seaboard and the Midwest.More than 6, 000 acres (2, 400 hectares) in the city are occupied by parks, and surrounding lakes and reservoirs and several golf courses afford recreation facilities; the southern limit of Cuyahoga Valley National Park is just north of the city. The World Series of Golf, played in Akron, is an annual professional tournament. Nearby Derby Downs is the site of the annual All-American Soap Box Derby for homemade gravity-powered cars. The city's cultural centres include the Akron Art Museum and the Stan Hywet Hall and Gardens (with antiques dating from the 14th century). The construction of a new convention centre (1994), the National Inventors Hall of Fame (1995), and a new stadium for the minor-league baseball Aeros all contributed to a downtown renaissance in the late 1990s. The University of Akron was founded in 1870 as Buchtel College; the Akron Symphony Orchestra performs in E.J. Thomas Hall on the university campus. Inc. village, 1836; city, 1865. Pop. (2000) 217, 074; Akron Metro Area, 694, 960; (2010) 199, 110; Akron Metro Area, 703, 200. All-American Soap Box Derby, Akron, Ohio, 1953. Stock footage courtesy The WPA Film Library
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Distressed Properties FAQs
What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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